It will complement the revamp of Martin Place and join the newly opened 20 Martin Place, 5 Martin Place and the state-of-the-art Maquarie Bank building at 50 Martin Place.

The new tower will replace the 44-year-old tower Westpac has ­vacated in its move to Barangaroo.

By 2020, the appearance of the strip will be a far cry from the current construction zone and the planned piazza will flow from Macquarie Street in the east to the newly restyled pedestrian strip along George Street, towards the west.

Martin Place was once the heart of commerce in Sydney with the former Reserve Bank office and the flagship Commonwealth Bank, known as the "money box".

But as the city has shifted with banks heading to Barangaroo and government in Macquarie Street. the strip is undergoing a $1 billion renaissance. It is now home to a range of industries including the new "silicon city" tech groups such as LinkedIn, Dropbox and Apple's new corporate headquarters, as well as traditional lawyers and financial institutions.

As a result some of Sydney's biggest landlords, including DEXUS Property Group, Investa and the GPT Group, have been working with the City of Sydney council to rejuvenate the precinct. Most of the 18th and 19th-century buildings, from 60 Martin Place down to Charter Hall Group's 333 George Street project, are in the process of being redeveloped.

Lendlease has been tasked to construct 60 Martin Place into a "a distinctive, timeless development and a 21st century workplace for tenants". It will have sandstone cladding on the podium facade with all three frontages having retail on the lower and upper ground levels and three lobby entrances.

The podium rooftop incorporates a public restaurant, roof terrace and event space with balconies onto Martin Place and Macquarie Street. The development reveals the adjoining St Stephen's Uniting Church as one side of the five-storey glass atrium, creating a vibrant civic "room", exposing and incorporating the southern façade of the church.

It will have a curved facade on the northern side and offer most floors "with panoramic views of the Opera House, Botanical Gardens and Sydney harbour", according to the designers, the architect firm Hassell.

Mark Tait, head of commercial development, Investa said there were nine submissions, of which four contractors were shortlisted.

"A rigorous tender process then commenced in September 2015," Mr Tait said, "60 Martin Place is an exciting opportunity for Investa, Gwynvill and Lendlease to deliver a truly unique workplace and public amenity offering to the Martin Place precinct, with significant tenant interest already received from a range of blue-chip organisations.

"We look forward to seeing this iconic building start to take shape in Martin Place."

A leasing campaign for the office and retail floors is under way.